STATESVILLE, N.C., Feb. 28 /PRNewswire-FirstCall/ -- Kewaunee
Scientific Corporation (NASDAQ:KEQU) today reported results for its
third quarter ended January 31, 2007. Net earnings for the quarter
were $321,000, or $0.13 per diluted share, as compared to a net
loss of $555,000, or $0.22 per diluted share, in the same period
last year. Earnings for the quarter benefited from significantly
improved manufacturing efficiencies, cost improvement initiatives,
and lower operating expenses. Sales for the quarter were
$18,041,000, an increase of 2% over sales of $17,724,000 in the
same period last year. Modestly lower domestic sales were offset by
increased sales to international customers. Incoming orders were
strong during the quarter. The order backlog increased to $48.6
million at January 31, 2007, up from $34.3 million at October 31,
2006 and $36.4 million at April 30, 2006. "This quarter was an
outstanding quarter for incoming orders," said William A. Shumaker,
President and Chief Executive Officer. "Our order backlog increased
by $14.3 million during the quarter and included several
prestigious laboratory furniture projects. This improved backlog
will contribute nicely to our sales and earnings going forward. "I
continue to be pleased with the improved performance of our
manufacturing operations, as we are achieving much-improved
manufacturing efficiencies and lower manufacturing costs," Mr.
Shumaker continued. "These improvements, combined with lower
operating expenses, the continued strengthening of our
international business, and the growth in our domestic order
backlog, have the Company on a solid track for continued success
and profitability." The Company's financial condition remains
strong. Cash on hand at the end of the quarter was $1.9 million, up
from $1.3 million at April 30, 2006. Working capital was $11.3
million, up from $11.0 million at April 30, 2006. Total bank debt
and capital lease obligations at January 31, 2007 were $7.0
million, down from $9.1 million at April 30, 2006, resulting in a
debt to equity ratio of .27-to-1 at the end of the quarter. Net
earnings for the nine months ended January 31, 2007 were
$1,023,000, or $0.41 per diluted share. Net earnings for the
comparable period of the prior year, which benefited from an
after-tax gain of $540,000 related to the sale of the Company's
property in Texas, were $447,000, or $0.18 per diluted share.
Excluding this gain on the sale of property, the net loss in the
prior year period was $93,000, or $0.04 per diluted share. Sales
for the nine months ended January 31, 2007 were $58,720,000, a
decrease of 3% from sales of $60,351,000 in the same period last
year. Lower domestic sales were partially offset by increased sales
to international customers. The Company also announced today that
its Board of Directors approved a cash dividend of seven cents per
outstanding share to stockholders of record at the close of
business on March 9, 2007, payable on March 23, 2007. Kewaunee
Scientific Corporation is a recognized leader in the design,
manufacture, and installation of scientific and technical
furniture. The Company's corporate headquarters and manufacturing
facilities are located in Statesville, North Carolina. The Company
also has subsidiaries in Singapore and Bangalore, India that serve
the Asian markets. Kewaunee Scientific's website is located at
http://www.kewaunee.com/. Certain statements in this release
constitute "forward-looking" statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that could significantly impact
results or achievements expressed or implied by such
forward-looking statements. These factors include, but are not
limited to, economic, competitive, governmental, and technological
factors affecting the Company's operations, markets, products,
services, and prices. Contact: D. Michael Parker 704/871-3290
Consolidated Statements of Operations (unaudited) (in thousands,
except per share data) 3 Months Ended 9 Months Ended January 31
January 31 2007 2006 2007 2006 Net sales $18,041 $17,724 $58,720
$60,351 Cost of products sold 14,417 15,278 47,888 51,034 Gross
profit 3,624 2,446 10,832 9,317 Other operating income -- -- --
884* Operating expenses 2,829 3,079 8,365 8,952 Operating earnings
(loss) 795 (633) 2,467 1,249 Other income (expense) (11) 3 33 (1)
Interest expense (142) (112) (524) (317) Earnings (loss) before
income taxes 642 (742) 1,976 931 Income tax expense (benefit) 207
(268) 613 326 Earnings (loss) before minority interests 435 (474)
1,363 605 Minority interests 114 81 340 158 Net earnings (loss)
$321 $(555) $1,023 $447* Net earnings (loss) per share Basic $0.13
$(0.22) $0.41 $0.18 Diluted $0.13 $(0.22) $0.41 $0.18 Weighted
average number of common shares outstanding (in thousands) Basic
2,492 2,492 2,492 2,492 Diluted 2,493 2,494 2,493 2,493 * Includes
a non-recurring pretax gain of $884,000 and an after-tax gain of
$540,000, or $.22 per diluted share, on the sale of property.
Condensed Consolidated Balance Sheets (in thousands) January 31
April 30 2007 2006 Assets (unaudited) Cash and cash equivalents
$1,466 $929 Restricted cash 413 399 Receivables, less allowances
18,474 23,199 Inventories 5,997 5,860 Prepaid expenses and other
current assets 1,029 1,011 Total current assets 27,379 31,398 Net
property, plant and equipment 11,451 11,163 Other assets 8,278
7,911 Total Assets $47,108 $50,472 Liabilities and Stockholders'
Equity Short-term borrowings $6,047 $8,216 Current obligations
under capital leases 352 260 Accounts payable 6,032 9,074 Other
current liabilities 3,605 2,823 Total current liabilities 16,036
20,373 Other non-current liabilities 4,992 4,553 Total
stockholders' equity 26,080 25,546 Total Liabilities and
Stockholders' Equity $47,108 $50,472 DATASOURCE: Kewaunee
Scientific Corporation CONTACT: D. Michael Parker of Kewaunee
Scientific Corporation, +1-704-871-3290 Web site:
http://www.kewaunee.com/
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